Closing a Massachusetts mortgage is less expensive compared to a year ago, but its still… more

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It’s less expensive to close a Massachusetts mortgage compared to a year ago, but the Bay State still has the ninth-highest mortgage closing costs in the nation, according to new research by Bankrate.com (NYSE: RATE).

On average, it costs $3,984 to close on a mortgage in Massachusetts. Last year, Massachusetts had the 15th-highest closing costs in the nation at $4,244. Closing costs declined 6 percent in Massachusetts over the past year, versus a 7 percent decline nationally to a national average of $3,754.

Closing a Massachusetts mortgage is less expensive compared to a year ago, but its still… more

Image courtesy of Thinkstock.

“This is the second year in which lenders are required to estimate third-party fees within 10 percent of the final cost. It seems like they’re getting more accurate, which helps explain the sharp decrease in these fees over the past year,” said Gregory McBride, Bankrate.com’s senior financial analyst, in a statement. “The main lesson of this survey for consumers is to shop around for at least three different estimates. While no one is going to move to a new state just because closing costs are lower, it’s important for people to realize that there is variation even within their neighborhood, and that they can save by being an educated consumer.”

For the third straight year, New York State has the nation’s most expensive closing costs at an average of $5,435. The next most expensive states are Texas, Pennsylvania, Florida and Oklahoma. The least expensive state is Missouri — $3,006 on average — which is joined by Kansas, Colorado, Iowa and Arkansas among the five cheapest states.